A de-linked subordinated class sold last week by retailer Saks Inc. may be an example of paper that offers issuers a simpler, less expensive alternative to the highly touted "block and trap" master-note trust programs used by Citibank and most recently MBNA, sources said.

While the main benefit of Citibank"s "block & trap" and the new "MBNAseries" program are in the flexibility offered to large frequent issuers, Saks successfully conquered the most difficult challenge of securitization for a smaller off-the-run issuer - the placement of the triple-B rated paper.

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